Get the most out of your reverse mortgage.
Refinance Your HECM Reverse Mortgage
Refinancing your HECM or moving from a HECM to a Jumbo can allow you to access more of your home’s equity.^
Revisit your reverse mortgage. You can see if:
Your home value has increased.
You can access more equity.
You are eligible for new loan options.
Why should I refinance my HECM?
If you already have a HECM, refinancing your loan can help you in a number of ways.^ First, you may be eligible for higher loan amounts if your home’s value has increased. You might be eligible for other reverse mortgage options that fit your lifestyle better, like the EquityPower Jumbo Reverse Mortgage.
Am I eligible to refinance my HECM?
If you already have a HECM, you may be eligible to refinance after 12 months. A new HECM also has to provide at least 5 times the cash benefit over the closing costs.^ So if your closing costs are $5,000, the HECM refinance would need to provide at least $25,000 to you.
How is a Jumbo Reverse Mortgage different from a HECM?
You may not be getting all of the equity available to you because of the limits on HECMs. A Jumbo allows you to access more of your home’s equity than a standard HECM—up to $6M. This mortgage is designed for homes valued above the HECM lending limit or those that aren’t eligible for HECM financing, such as condominiums that aren’t FHA-approved or some Planned Unit Developments. A Jumbo has lower upfront costs and no mortgage insurance premiums,* which can save you thousands over the life of the loan.^
Why should I refinance from a HECM to a Jumbo?
Refinancing your HECM to a Jumbo can help you tap into even more of your home’s equity, for any reason that you might need the extra money.^
How can I access more money by refinancing my HECM reverse mortgage?
You may be able to borrow more if your home’s value has increased. In January 2022, the maximum claim amount for HECMs was raised to $970,000, which can help homeowners who took out a reverse mortgage whose maximum claim amount was capped by the old lending limit.^
Disclosures:
*Nationwide Equities may charge closing costs and servicing fees which can be added to the loan balance or paid at close. Borrower must continue to pay property taxes and homeowners insurance, maintain the property and follow all loan terms.
^There are closing costs associated with refinancing a reverse
mortgage.
We work with you.
Our team is here to help you understand the reverse mortgage process and which lending option is the best for you.
Frequently Asked Questions
Have questions about reverse mortgages or the reverse mortgage process? See our Frequently Asked Questions.
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Senior Choice Group is a branch of the Nationwide Equities Corporation located in Nottingham, Maryland.
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